Popular food delivery app Swiggy is gearing up to go public by 2024, and has shortlisted seven investment banks as advisors for the same.
According to a Moneycontrol report, the Swiggy Initial Public Offering (IPO) is expected to be in the range of $1 billion.
Quoting multiple sources, the report said the seven investment banks include Kotak Mahindra Capital, Citi and JP Morgan, ICICI Securities, Jefferies, Bofa Securities, Avendus Capital.
Swiggy or the investment banks are yet to comment on the report.
Earlier, the Softbank-backed food delivery platform had halted its plans to go public due to unfavourable market conditions. Some of the reasons to put the IPO on hold then included concerns regarding stretched valuations and a slowdown in fundraising.
As the markets rebounded, in September, Swiggy had invited eight investment banks to make pitches to work on the IPO, a Reuters report had said.
Swiggy's rival Zomato, which had gone public in 2021, has been witnessing its share prices going up in the past six months after the company reported profits in the last two quarters. The company's shares have been witnessing buying interest, after the steep fall following the IPO launch.
The demand for online food ordering in the country has grown in recent years, prompting Zomato and Swiggy to expand to smaller towns.